Following extensive talks with a number of our key stakeholders over the past six months, it has been resolved that we will organize a comprehensive review into our current corporate structure, ultimately contemplating both the extent and nature of any changes that could be formalized in the future. This has been instigated at the request of our majority shareholder, which has asked our board of directors to form an exploratory committee with the authority to make recommendations to our leadership in due course. As a result, it has been decided that our Deputy Chief Executive Officer, Aleksandr Filyurin, will take charge of this new commission, with the remaining members being appointed from both within and outside Rusneftegaz. As an organization, we feel that composing the panel in such a manner shall enable it to gain expertise from third parties, while also accounting for factors that are unique to our corporation. This is not limited to, but includes, our rapid economic development over the past decade, and the complexities of our multifaceted production activities. In response to this announcement, the head of the body overseeing this report delivered these remarks:  

“Firstly, I would like to thank my fellow board members for appointing me to this important role. I have worked for Rusneftegaz for a long time now, longer than I have worked with any other company, and I have seen it transformed from a local oil producer to a global energy company. To be honest, it has been a remarkable change, and a lot of us had to hard to work very hard to make it happen. Now, it is time to look at where we are at, not only within this industry, but within the wider world. When these talks started taking place last summer, the rest of the board and I agreed that what was being proposed was sensible and could work. To be honest, the company we have built in our time here does not resemble the company that existed when we first started out on this project, and it is time to acknowledge that. If we want to take what we have done any further, we need to make changes. These are exciting times ahead for us, what we are planning to do can take Rusneftegaz to the next level, and I promise that I will work with diligence and speed to submit my report as soon as I can.”  

Whilst this examination is set to be a significant undertaking for us, it should be noted that it has been almost a decade since our last major restructuring. In later times, Rusneftegaz has undergone a consequential transformation, with a plethora of new interests that have emerged in the years thereafter. It is also set to occur in the midst of our quarter-centenary celebrations, and is thus an apt moment to reflect upon our previous achievements, and contemplate how to advance our progression in both the near and distant future. This ultimately entails deliberating fundamental issues, such as whether there should be greater separation between the incumbent board of directors and our executive leadership, and if independent directors should be appointed to the former. Similarly, it also involves scrutinizing the suitability of any corporate partners or individual that has the capacity to facilitate the plans we delineate, and how soon these could take effect. Any investigations surrounding our global affairs will be the responsibility of Igor Migunov, who currently serves as our Director of International Operations, and will join Filyurin on the panel completing this task. Following his appointment, Migunov gave this statement:  

“I am very grateful that I have been given the opportunity to serve on this committee. My colleagues and I will work hard to make sure that this project is successful. Since I joined Rusneftegaz in 2019, I have worked on many projects with many unique challenges. I am optimistic that with this project we will be able to create solutions for the long-term benefit of Rusneftegaz and its people.” 

Perhaps one of the most pertinent matters this analysis intends to resolve is if Rusneftegaz can be listed on a stock exchange in the near term, and how this can be instigated, accounting for any alterations that may be necessary to commence this process.  Although at present we are currently the largest private oil production company in the Russian Federation, our leadership believes it is crucial to examine if listing as a public corporation would facilitate the further expansion of our activities. Growth deriving from a flotation of our shares would originate from an enhanced ability to access finance from alternative commercial sources, which could then be invested accordingly to fund and expedite our enlargement. Similarly, it would also significantly increase our regulatory requirements for both financial reporting and other disclosures, which may embellish our reputation amongst our contemporaries, and thus make us a more credible partner to conduct business with. Whilst this review is unlikely to have the scope or the effect of a similar internal report published in 2005 that resulted in the reformation of the Group and the consolidation of our operations, it is still anticipated to have a consequential impact on this enterprise.  

This is partially due to the fact that it is likely to precede a later, more extensive, inquiry into our current corporate activities. Both our ownership and our board of directors wholeheartedly believe that such an analysis is critical, with both our investment and research strategies due to be outlined across the next two years, with each requiring comprehensive preparation beforehand. Due to the sensitive nature of discussions that will be held in the weeks and months ahead, we will not be providing any further updates until this process has concluded, nor will we be publishing the final report once it has been approved by our executive leadership. However, any changes that arise in response to this study will be disclosed in due course, with subsequent briefings expected to be published by the end of the second quarter of this year. Likewise, any additional information regarding this subject shall be circulated solely to our staff, affiliates, subsidiaries and partners, and we will not be accepting questions from external parties with regard to these affairs at this present time. We necessitate your cooperation and understanding with this vital matter.

Rusneftegaz can today issue an urgent warning regarding the most aggressive fraud scheme that we have learned of in the history of our enterprise. Whilst we are regularly informed about duplicate and twin websites that are designed to create the impression of a genuine company, we were recently notified of a scam whereby potential customers met fake representatives of our corporation at an office in Moscow. This was arranged following numerous emails exchanged between multiple parties, during which the target was sent a draft contract, an irrevocable corporate purchase order, and a bank reference letter. Throughout the dialogue, the aspirant buyers were offered a broad range of petroleum products at substantially below market prices in vast quantities, far greater than we could extract or source. Likewise, the victims were also afforded the opportunity to have the oil delivered to a port of their choice without perquisites or preconditions, in spite of the fact that the location chosen would not have had the capacity to process such volumes. When the formal negotiations were held in the Russian capital, the buyer met with three individuals who introduced themselves as senior directors of our firm. The purchaser was then presented with a number of forged business cards and documents to give a veneer of legitimacy and competence, which ultimately gave the customer the confidence to begin contractual talks with the criminals.  

In the midst of these discussions, the imposters exerted no direct pressure to finalize the acquisition at that time, but told the prospective clients that the return on their investment would be considerable. Upon traveling back to their home country, the only communications that took place between both sides were electronic, through which the supposed sellers began to demand payment for additional services necessary to settle the non-existent arrangement. It was only at this stage that the plot was foiled after the client conducted due diligence and discovered that the account the funds were set to be disbursed into was in the name of an individual, instead of that of a corporate entity. Subsequently, it also emerged that these fees were also partially required to have the deal authorized by the authorities, which there is no need for under federal law. Similarly, upon further inspection, it was also noticed that the contact information used by the charlatans, including the registered address, telephone numbers, and email address, did not correspond to any businesses in Russia or abroad. In response to the scale of this deception, our Deputy Chief Executive Officer, Aleksandr Filyurin, remarked: 

​“I am very pleased that we managed to discover this fraud just in time before large financial losses could occur. It just emphasizes how important it is for anyone trying to buy oil to be vigilant against fraud. It is easy to attack the victims in all of this for their naivety and lack of research, but it could happen to anyone at any time. Fraudsters are getting better at committing these crimes; they are adapting to all the changes we make to prevent fraud, and are becoming more cunning and clever. There are obviously some schemes that are so basic that they are designed to trick only the most ignorant of buyers, but increasingly we are seeing new schemes that have obviously been premeditated and specifically created to target established companies. Personally, as someone who spends a lot of time researching fraud, I would recommend that anyone who wishes to buy oil products does plenty of research before they do anything they will later regret. Anyone looking to do a deal like this needs to work with an established broker to buy what they want directly from one of the major commodity exchanges.” 

As per the quote from our esteemed colleague, we continue to strongly advocate that all parties seeking to buy significant quantities of crude or refined petroleum should do so via an approved broker who maintains the capacity to work with a commodities exchange. This is due to the fact that as a corporation, neither Rusneftegaz nor any of our subsidiaries, partners, or affiliates will proactively send or initiate offers to sell such goods under any circumstances. Moreover, we do not utilize the services of any agents or intermediaries to market these fuels on our behalf, and we suggest that all those in receipt of such proposals report these groups or individuals to us as soon as possible. All potential clients must be acutely aware that criminals will typically use falsified documents with doctored contact details, and thus corroborating this with the materials published on our website serves as a convenient method to clarify if such files are authentic. Perhaps more concerning are the progressively bold attempts by the culprits to extort approximately two to five percent of the value of the deal from the victim prior to the settlement of the contract. In most cases, this payment pertains solely to the acquisition of the hydrocarbons, but we have also observed several instances where an outlay is demanded to meet transportation, storage, or notarization fees. We advise any individual who holds suspicions about someone claiming to represent us to approach our organization via any of the usual channels with utmost urgency. We necessitate your cooperation and understanding with this matter.

Over the next four weeks, Rusneftegaz is to host a series of events for all of our staff across the globe to mark our 25th anniversary, which is being celebrated for the duration of this calendar year. Although the date commemorating twenty-five years since our incorporation does not occur in July, our management decided that it should be observed during summer to maximize the chance of good weather, thus enabling certain proceedings to be hosted outside. Taking this into account, every member of our workforce was invited to vote for their preferred activity to recognize this significant occasion, and therefore each individual shift has been allocated a fund to hold their own celebration this month. As a result, the type of festivities that are to be held ranges in both scope and size, with some opting to honor our quarter-century with celebratory drinks, whereas other groups have elected to have an evening at a bowling alley. Following this announcement, our Deputy Chief Executive Officer, Aleksandr Filyurin, gave this statement:  

“I am delighted to be part of our 25th anniversary celebrations. This has been planned for a long time, and it is great that our plans are finally coming to fruition. At the end of the day, this is a very significant milestone for Rusneftegaz, not many companies get to mark twenty-five years in business, especially in an industry like this where mergers and acquisitions are relatively common. Now, I have only been here for the last nine years of that, but we have managed to keep the company on track regardless of what has gone on in the outside world. You have to remember that Rusneftegaz has withstood a lot over this time, be that the financial crisis, a worldwide pandemic, geopolitical instability, you get the idea. It has been a turbulent time without doubt, but we have managed to survive it all and continue to get stronger. Now, we have a lot in our favor, we have staff that have the capacity to go above and beyond expectations, never mind the fact that we continue to innovate and expand where others do not. 

Where our competitors have only focused on data and efficiency, we have always seen the bigger picture, and I think that is perhaps our greatest strength of all. I would like to thank all of those that have helped us reach this anniversary, from the staff on the ground, to those right at the very top. We have all, as a collective, made this happen. I, for one, am very proud to be here, and I am very optimistic for the future, and I hope that all my colleagues here are too. I think I say that every time I give one of these statements, but it is always true. I always wonder if this is the greatest era in our history, but I continue to be amazed by how this company continues to grow and expand. Quite frankly, there is no doubt in my mind that Rusneftegaz has an amazing future ahead, and I hope that I can stay here to see it.”   

Although our anniversary celebrations will last until the end of this year, we plan to hold a gala dinner in Moscow at the end of this month to mark the occasion and honor the achievements we have recorded since this company was founded in 1999. Attendees are set to include a number of distinguished guests, amongst them our board of directors and key stakeholders, in addition to a selection of managers and executives who have previously worked in notable roles within our organization. We have also invited and paid the expenses for all the staff who been associated with this business from its inception twenty-five years ago, in conjunction with a plethora of other employees who have served Rusneftegaz with distinction during this timeframe. On the night itself, we are set to distribute a variety of awards and commendations to these individuals to thank and reward them for their service to us, whilst also remembering many of their former colleagues who have been unable to attend this event.    

To mark this momentous occasion, we can also announce that we have commissioned a number of large celebration cakes in the shape of our new logo, which was updated last month. We intend to apportion as many slices amongst our personnel as possible, together with an assortment of memorabilia produced for our 25th anniversary. We can similarly confirm our intention to compile a compendium of images and videos associated with Rusneftegaz and our business during the past quarter-century, with this compilation to go on display for the first time at the aforementioned gala dinner. To facilitate this, we are requesting that anyone who has ever been affiliated with this enterprise to submit any digital records in their possession to form part of this collection via email. This will ultimately serve as a comprehensive record of our corporate history, and our eventual emergence as a billion-dollar global corporation. Any inquiries in relation to these events, or to offer any photographs to us, should contact our company via the usual channels at the earliest opportunity.